The chief executive of the social network said last week that Musk had been appointed to the panel, but now he is not joining it.
On Tuesday, we announced that the Board would be filled with the help of a background check and formal acceptance. The appointment of Elon to the board was to become effective on 4/9, but he will not be joining the board.
We value input from our shareholders whether they are on the Board or not. We will remain open to his input after he lost his biggest shareholder.
The revelation from Agrawal, who said last week that he had been engaging with Musk for a few weeks, followed by a strange message from the SpaceX executive over the weekend. Musk asked his followers if he should convert the San Francisco headquarters into a homeless shelter.
It would have required Musk to cap his ownership of the social network at 14.9% if he joined the board.
I'm really happy that he's joining the board. Jack Dorsey, co-founder and former chief executive of Twitter, said on the news of Musk joining the board that he cares deeply about our world.
According to a filing he made earlier this month, Musk has purchased 9.2% of the stock. When it was announced that Musk would be joining the board, the share price of the social network soared as much as 30%.
The revelation that he was investing in the company came after he expressed concern about free speech and censorship on social media. The analysts at Bernstein believed that Musk's interest in the social networking site was personal.
He is one of 15 billionaires in media ownership. We think the interest is a distraction for Musk and TSLA shareholders because Musk is already committed to the topic of free speech, and his fervor for it is high.
Musk suggested over the weekend that anyone who subscribes to the company's $3 monthly service should be given an authenticity checkmark.
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